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## Lee Industries had the following inventory transactions

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Lee Industries had the following inventory transactions 1. Shandy Shutters has the following inventory information. Nov. 1 Inventory 15 units @ â‚¬6.00 8 Purchase 60 units @ â‚¬6.45 17 Purchase 30 units @ â‚¬6.30 25 Purchase 45 units @ â‚¬6.60 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Ending inventory under FIFO is a. â‚¬329. b. â‚¬634. c. â‚¬316. d. â‚¬647. 2. Shandy Shutters has the following inventory information. Nov. 1 Inventory 15 units @ â‚¬6.00 8 Purchase 60 units @ â‚¬6.45 17 Purchase 30 units @ â‚¬6.30 25 Purchase 45 units @ â‚¬6.60 A physical count of merchandise inventory on November 30 reveals that there are 50 units on hand. Assume a periodic inventory system is used. Assuming that the specific identification method is used and that ending inventory consists of 15 units from each of the three purchases and 5 units from the November 1 inventory, cost of goods sold is a. â‚¬320. b. â‚¬643. c. â‚¬640. d. â‚¬627. 3. Lee Industries had the following inventory transactions occur during 2011: Units Cost/unit 2/1/11 Purchase 54 \$45 3/14/11 Purchase 93 \$47 5/1/11 Purchase 66 \$49 The company sold 153 units at \$63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the companyâ€™s gross profit using FIFO? (rounded to whole dollars) a. \$7,323 b. \$7,095 c. \$2,544 d. \$2,316 4. Lee Industries had the following inventory transactions occur during 2011: Units Cost/unit 2/1/11 Purchase 54 \$45 3/14/11 Purchase 93 \$47 5/1/11 Purchase 66 \$49 The company sold 153 units at \$63 each and has a tax rate of 30%. Assuming that a periodic inventory system is used, what is the companyâ€™s after-tax income using FIFO? (rounded to whole dollars) a. \$2,316 b. \$2,544 c. \$1,781 d. \$1,620 5. Companies adopt different cost flow methods for each of the following reasons except a. statement of financial position effects. b. cash flow effects. c. income statements effects. d. tax effects. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help

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